An Ekiti based legal practitioner, Femi Familusi, has urged the Ondo State Governor and the Chairman of the Southwest Governors’ Forum, Rotimi Akeredolu, to reverse the appointment of Adewale Raji as Odu’a Investments Ltd’ Group Managing Director (GMD).
In an open letter to the governor, the lawyer is also seeking the constitution of the conglomerate’s Board of Directors.
Familusi, who is counsel to Olatunji Waleola Eniola, in a suit filed against the Board and Raji over the latter’s tenure renewal, described Raji’s reappointment and his empowerment to conduct the affairs of the company pending the constitution of a new board as a flagrant disobedience to the law.
“The appointment and tenure of office of Mr Adewale Raji as Group Managing Director of Odua Investment Company Limited had expired since without renewal by the Board,” he said in the letter.
“It is trite that to dissolve the board of a corporate entity can only be validly carried out within the ambit of the law and extant statute. Especially the provision of section 246 (1) of Companies & Allied Matters Act,” the statement concluded.”
Raji’s tenure ended in June, last year, but he was granted a six-month extension to enable an international management firm KPMG audit and assess his performance to determine his suitability for another term. The firm concluded its work in October and gave Raji a pass mark.
Following the KPMG report, the governors approved his reappointment in December but the board refused to approve same, citing incompetence.